GustoMSC Sold to Private Equity Firm for $185 Million

Offshore engineering firm GustoMSC, which is part of the SBM Offshore Group, has been sold to the private equity firm Parcom Capital for a consideration of approximately USD $185 million.  This sale is a first step in the divestment program for SBM Offshore’s non-core assets of approximately US$ 400 million that the company announced in August of 2012.  SBM’s strategy going forward, as noted by their CEO Bruno Chabas in August, is “to focus exclusively on FPSOs and associated products or services.”

The sale of GustoMSC opens up a substantial amount of operating capital for SBM Offshore, a company which is still recovering from a brutal 2011 where they suffered a net loss of $440 million due to impairments and deferrals which totaled nearly $1 billion.  Although the Ichthys turret award and the Shell FPSO Fram Letter of Interim Award are significant steps in the right direction, the Yme Platform debacle with Talisman Energy is still ongoing as we’ve reported recently.

Piet-Hein de Jager, partner at Parcom Capital, said: “We are delighted with the acquisition of GustoMSC. GustoMSC has an outstanding reputation, is well positioned to achieve further growth in the global offshore market and is an excellent addition to our portfolio of investments. We are keen to further develop the business of the company, working closely with management, the employees, and also the customers.”

Nils van Nood, Managing Director of GustoMSC comments: “We are very pleased to have Parcom on board as a strong shareholder and as partner that shares our ambitions. With their support and value-added sector expertise, we are fully confident that we can continue to further develop our market position as reputable and independent designer of mobile offshore units. This new ownership enables us, our clients and other business partners to continue our business as usual”

The parties have signed a purchase agreement, subject to financing, and intend closing the transaction by 30 November 2012.

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